The Federal Tax Credits Blog

Posts Tagged ‘federal tax credit’

Question: Filing married for first time, husband in Army, i worked only 2 months from oct – dec 08, bought a house and?

a rv. bought the house in july 08, the rv in dec 08. im a german national and didnt have a ssn until august, then started working in oct-dec, i only paid 68 cent in state taxes haha. husbands fed taxes withheld were 1843.42, he claims 0. we got married in 07 but couldnt file together as i had no social yet. we paid 333.86 in county taxes for the house and 3427.18 in interest in 2008. we already know what we are getting back in state taxes for him, we assume i might have to pay. we also bought a new car in april/may 08, purchased on army post. we have made some home improvements (tile in dining room, patio in back, porch in front) have the receipt. what about the first time home owner credit for 7500? our 10% would be way over that so we would get the 7500 so..any estimates on how much we would get back in fed taxes or in general? thank you to whoever will answer

Answer: you are definitely going to want to talk to a professional. you have several different issues to talk about….

first: you could have filed married for 2007. you would have filed a paper return, but it would have given you a higher standard deduction. all you would have had to do is put ‘applied for’ in the part that asks for your ssn. i suggest you go back and amend the 2007 return and file married filing joint.

second: the house and the RV will prove advantageous for you this tax season. it will give you the opportunity to itemize which could be very good for you. buying the new car could help too, but a tax professional will know exactly what works for your situation.

third: the home improvements won’t be of any use until you guys sell your house. definitely keep your receipts because it will help if and when you sell the house.

In order to give you an accurate answer on what you would get back you would have to give us WAY more information… but I strongly suggest you ask around and find a tax preparer that you can go to and talk to them about all this.

if you don’t feel you can afford something like that you can always look into TurboTax. Its very easy to use and guarantees the highest refund you could get, legally. This website offers 20% off Turbo Tax. http://turbotax.intuit.com/affiliate/intuitrefer

Good Luck!!

IBM to get nearly $8M tax rebate for 600 NC jobs

RALEIGH, N.C. (AP) – An IBM Corp. subsidiary will hire 600 workers at its North Carolina campus over the next two years and could get a tax rebate of nearly $8 million while paying wages below the local average.

New Car Buyer’s Deduction

Question: How’s 43,000 for a 8,000 tax credit for 1st time homebuyers & 20K for every 4K clunker exchange progress?

Even with the Federal Reserve’s program to buy over $1 trillion of mortgage-backed securities and the myriad other schemes to bolster housing, including the tax credits for homebuyers, the government isn’t getting much bang for all those bucks.

As noted here previously, the $8,000 tax credit for first-time homebuyers may have actually cost the government $43,000 for each extra house sold (“Homebuyers’ Handout — Worse Than Cash for Clunkers,” Oct. 21.) That’s because most of the recipients of Uncle Sam’s largesse would have bought a house anyway. Now that the credit been extended to next March and applied to home buyers who were previously homeowners (with some restrictions), who knows how much extra incremental house sale will cost the Treasury.

http://online.barrons.com/article/SB125858375944554495.html?mod=BOL_hpp_dc

Answer: We’d better quit griping about such things and go seek out the Obama stash ourselves.
Give ‘em some competition.

What else would you plan to do with your time once the private sector is dead? There’s a lot of mom and pop shops dying out here, and all of them are far smarter than Congress gives them credit.

Atlas should shrug. Immediately, and with defiance.

Now, help me with this heavy crate of tea…

Tax credit drives up home sales

A popular tax credit created a home-buying frenzy in Sheboygan County during the second quarter, a new report shows, but real estate agents worry that it could be slow going now that the credit has expired.

Sean La Rue I Mortgage 101: $8000 Federal Tax Credit First Time Home Buyers

Question: Any info on receiving grants for first time home buyers?

I know this can greatly vary from person to person, but I’m hoping there are some of you out there who have had experience with getting federal funds or grants when purchasing their homes. What are some resources you would highly recommend? Are there ways of going about this that would increase my chances of getting them? Is this easy? How much were you able to receive? Does the First Time Home Buyers 8k tax credit effect my odds? Any advise would be helpful. I’ve already found some links with info, but am looking to hear personal experiences.

Answer: Hi There;

You have many questions here. I perceive the biggest one is how to get federal funds or grants. So I will focus on this.

Each and every state has different types of programs. In fact it breaks down to your local community as well.

Federal grant money for housing is issued each year to the different states. Then the state government divides these funds up between the different cities. Don’t worry, the information is all free and you do not have to buy a book.

When the funds run out, they are gone until the next year.

I’ve seen some very generous grants offered in the past. I personally helped a couple get $7,500 in pure federal grant money that they did not have to pay back as long as they lived in the house for 5 years.

Since I do not know what state you live in or the city, perhaps you may find the link listed below helpful. It is up to date as of Dec 30, 2009 and links you to the HUD pages within the site where you can simply click on your state and then see a list of all the agencies that offer grants.

I hope you find this helpful.

US pending home sales soar ahead of tax credit deadline

US pending home sales rose for the third month running in April as home buyers rushed to sign contracts before the expiration of a government tax credit, an industry survey showed Wednesday.

Austin Real Estate Agent Reminds First Time & Move Up Home Buyers of Tax Credit HD

Healthy Discussion at PCDA Reviews Heat Pump Activity

An innocent appearing item on the Ponca City Development Authority (PCDA) agenda Thursday, took nearly an hour of discussion before the trustees voted to spend $9,275 for the first of a four phase analysis on the impact of ground source heat pump utilization.

EnergyPirates.com

Question: How long does it take to receive your federal tax return if you mailed it?

I mailed my federal tax return on Jan 23rd. 2010. I was told I had to mail the return due to my 8k tax credit for purchasing my home. I tried checking status online on IRS.gov..no info is provided for my return. It is now week 5. How long will it take to see status online or receive my refund??

Answer: The best way to explain this is, the sooner you get them filled the faster you get your return. If you wait till the last minute you will have to wait a while.

Yarmuth seeks tax cut to help real estate investors

U.S. Rep. John Yarmuth said Tuesday that he will introduce legislation to cut the federal capital gains tax on investment property in an effort to help the ailing commercial real estate market.